I don't believe there is ( however, I'm relatively new to cycling so I'm only going by my 20 years motorcycling experience when it comes to chains
).
As long as the links are lubricated on the chain that's the important part. I don't think bicycle chains have "O" rings but I know on a motorcycle that the important components on the chain that require lubricating are the links or the points where the chain "moves".
Keeping the side plates of the chain lubricated won't do anything for the actual performance of the chain, save for protect it to a certain extent from ongoing ferous corrosion. The only other thing too much oil may attract is an accumulation of dirt, grit etc which can eventually find its way between links and turn into a sort of grinding paste that can accelerate wear if its not cleaned properly before lubing.
Which reminds me, once you have washed the bike and hosed it down, then allow it to dry completely before thinking about lubrication.
Otherwise all you do in most cases if the components are still wet is seal in the moisture. You need to thoroughly dry off the components ( I usually use kitchen towel followed by a rag ) and
then apply the lube.
After you have dried off the components, especially the chain, its generally best to use some sort of spray on cleaner ( not lube - there's a difference between lube/oil and spray on cleaner ) in order to get rid of the grit and dirt that washing may have missed. Most of these cleaners nowadays have Teflon or similar built in so they do lubricate to a certain degree.
I use stuff called TF2 which comes in a green spray can and can be bought in Tescos very cheaply.
So my bike cleaning procedure goes :-
Hose down/rinse off >>>> apply Muc-Off using various sizes of brush >>>> allow to soak for a few minutes >>>> rinse off >>>> dry off >>>> clean components using TF2 >>>> lubricate where required.
If the bike is
really minging it gets either a second application of Muc-Off between rinses or I use a sponge and some Turtle Wax car shampoo.
After all that as a finishing touch and to help preserve the paintwork etc, I usually use a can of stuff called "Show & Shine" by Autoglym. It's designed for motorbike paintwork and it goes on a bit like Mr.Sheen only the result is better and it protects more.
It sounds like a bit of a long winded process, but I believe that if I've invested £1k in a bike it should be afforded the treatment that it deserves. Over my years of riding motorcycles, I've built up quite an arsenal of cleaning products and not only that, I know what works and what doesn't, certainly when it comes to motorbikes. I believe this applies to 99% of cleaning processes on a non powered 2 wheeler!!!.
(like today). I use the TF2 stuff on the rag, and then use Finish Line Wet to actually lubricate the chain - dripping it onto the rollers - not the sides. And I usually wipe the rings, cassette and rear derailieur with the oil rag too.
